Clark Industries has 200 million shares outstanding, a current share price of $30, and no debt. Clark plans to distribute $600 M in cash to its shareholders by repurchasing shares at the current market price.

(a): What is Clarks share price after the repurchase?

(b): Immediately after the repurchase, new information is revealed that increases investors valuation of Clark by $400 M. What is Clarks share price after this realization?

(c): Suppose that before the share repurchase, management knew the market was undervaluing the firm by $400 M. If the repurchase had occured after the information disclosure, what would the current share price be?